When Lila started searching for her first home in Norco, CA, she quickly realized how much there was to consider in her budget. Beyond just the monthly rent or mortgage payment, she needed to factor in utilities, insurance, taxes and more to truly compare the cost of living in an apartment vs house in Norco.
Housing is the biggest expense for most Norco residents, but the exact costs can vary significantly depending on if you rent or own, and the size and location of your home. Let’s break down the typical housing costs and trends in Norco to help you make an informed decision and realistic budget.
The Housing Market in Norco Today
Norco, known as “Horsetown USA”, is a unique suburban city in Riverside County with a blend of equestrian properties and standard single-family homes. The local housing market has seen steady demand in recent years, with a mix of established neighborhoods and some new development.
Home values in Norco have appreciated by around 5% over the past year, but are still relatively affordable compared to coastal Southern California cities. Rental inventory is somewhat limited, especially for apartments, as over 70% of Norco households are owner-occupied. However, there are still options for renters looking for detached homes, townhomes, or the occasional apartment complex.
One trend of note in Norco is the popularity of larger properties with space for horses, as the city is known for its animal-keeping zoning and miles of horse trails. This equestrian lifestyle does tend to come with a higher price tag than your standard home.
Renting in Norco: What’s Typical?
As of 2023, the average rent for an apartment in Norco is around $1,800 for a 1-bedroom and $2,200 for a 2-bedroom per month. Detached single-family homes rent for quite a bit more, averaging over $3,000 monthly for a 3-bedroom.
Norco’s most popular rental options tend to be on the north side of town, with convenient access to I-15. Renters are a mix of young singles, couples, and families who appreciate the area’s good schools and safe reputation but aren’t ready to buy.
While Norco rents have crept up in the last few years, the city is still more affordable than many other parts of the Inland Empire, especially southwest Riverside County. Renters can find better deals in some of the older apartment complexes and townhome communities.
Owning a Home in Norco
For homebuyers, the median sale price in Norco is currently around $650,000. With a standard 30-year fixed mortgage and 20% down, that translates to a monthly payment of about $2,450 (excluding taxes and insurance).
On top of the mortgage, Norco homeowners need to budget for property taxes, which average 1.1% of the assessed value annually. Homeowners insurance costs around $1,200 per year for a typical single-family house. Some neighborhoods also have Homeowners Association (HOA) fees, but these are less common in Norco compared to other Riverside County cities.
Norco’s most sought-after neighborhoods tend to be the equestrian areas like Hidden Valley Estates and Norco Hills. Homes with horse facilities command a premium, often over $1 million. However, there are also plenty of standard tract homes available in the $500,000 to $750,000 range for buyers content with a regular suburban lifestyle.
Renters vs. Homeowners: Who Lives Where?
Norco has a relatively high homeownership rate of 73%, reflecting the mature, family-oriented demographics of the city. Still, over a quarter of households are renters.
Renters in Norco tend to be younger, often under 35, and more likely to be single or married without kids. They’re frequently employed in industries like retail, healthcare, and logistics. Some are saving up to eventually buy a home in the area, while others appreciate the flexibility of renting.
Homeowners, on the other hand, have a median age in their late 40s and are more likely to be married with children. They work in a mix of white-collar and skilled trade jobs, with a median household income around $90,000. Many have lived in Norco for over a decade and appreciate the stability and community feel.
| Typical Monthly Housing Costs in Norco | Apartment (1BR) | House (3BR) |
|---|---|---|
| Rent/Mortgage | $1,800 | $2,450 |
| Property Tax | – | $600 |
| Utilities | $150 | $300 |
| Insurance | $15 | $100 |
| HOA | $200 | $0 |
| Total | $2,165 | $3,450 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
Like most of the Inland Empire, Norco’s housing market is heavily influenced by the balance of supply and demand. The city’s popularity with families and equestrian enthusiasts keeps demand strong and inventory tight.
Norco has less developable land than some other Riverside County cities due to its animal-keeping zoning and focus on preserving a semi-rural feel. This limits new housing supply. Norco also hasn’t seen the level of apartment construction that cities like Eastvale and Jurupa Valley have in recent years.
At the same time, Norco benefits from a relatively stable local job market and spillover demand from coastal counties. Many residents commute to employment hubs like Corona, Ontario and Anaheim. As housing in those areas gets pricier, more people look to Norco as an affordable alternative, putting upward pressure on prices.
FAQs About Housing in Norco
- Is Norco affordable to live in? Norco is relatively affordable for California, but housing costs are still high compared to national averages. Renting a 1-bedroom apartment requires an income of at least $54,000 per year to avoid being cost-burdened.
- Why are housing prices changing? Norco home values have risen due to strong demand from families and out-of-area buyers, coupled with limited inventory growth. Prices are influenced by the health of the regional economy and housing market.
- How does Norco compare to nearby cities? Norco is pricier than Riverside and Jurupa Valley but more affordable than Eastvale, Corona and Chino Hills. It offers a unique equestrian lifestyle and semi-rural feel that commands a premium.
Making Smart Housing Decisions in Norco
As you evaluate your housing options in Norco, consider both the upfront and long-term costs of renting vs. owning. Factor in your income stability, savings, and how long you plan to live in the area. [Can You Afford to Live in Norco? Monthly Budget Guide](/norco-ca/monthly-budget/) can help you crunch the numbers.
Also, think about your lifestyle priorities and how Norco’s housing options align with those. Are you looking for a family-friendly neighborhood with great schools? A horse property with trail access? An affordable starter home or apartment? Matching your housing choice to your needs and budget is key.
For a more in-depth look at Norco’s living expenses, from groceries to transportation, check out our [Cost of Living in Norco – Housing, Groceries, Taxes & More](/norco-ca/cost-overview/) guide. With careful planning and realistic expectations, you can find a housing option that works for your finances and lets you enjoy all that Norco has to offer.